XRP Market Cap Surpasses $100B, Reaching 2018 Levels: RLUSD Approval Nears
XRP, a cryptocurrency closely associated with Ripple Labs, has seen a remarkable surge in market capitalization, surpassing $100 billion late Saturday. This surge comes after weeks of impressive gains, with XRP jumping almost 10% in just 24 hours, reaching a high of $1.92. This price level hasn’t been seen since January 2018, when XRP briefly hit an all-time high above $3.40.
In the past week alone, XRP has gained 30%, outperforming major cryptocurrencies like Bitcoin. Looking back 30 days, XRP has seen gains of nearly 300%, according to data from CoinGecko. This recent rally can be attributed to various factors, including regulatory developments and positive news for Ripple Labs, the company closely tied to XRP.
One significant development is the potential approval of Ripple’s RLUSD stablecoin by the New York Department of Financial Services. If approved, Ripple would be able to legally offer the RLUSD token to the public, with a potential launch date of December 4. This news, coupled with other positive regulatory and fundamental developments, has sparked renewed strength in XRP.
Investor confidence in tokens with ties to U.S. companies, like Ripple Labs, received a boost after Republican victories in the U.S. elections. Some traders are even speculating about the possibility of an XRP exchange-traded fund in the U.S., particularly with hopes for a more favorable regulatory environment.
Last week, XRP and U.S. dollar-denominated open interest reached record levels, with over 2 billion tokens (worth more than $2 billion at current prices) in futures positions. With all these exciting developments, XRP enthusiasts are now eyeing the $2 mark as the next milestone for this token on the rise.
